The Loonie was one of several currencies that spent the week busily going nowhere. It lost a third of a US cent and went down by two thirds of a cent against sterling. The pound spent last Friday extending the gains it had made the previous day after the prime minister's Article 50 divorce letter was delivered to Brussels. Investors who had previously sold sterling in anticipation of its decline continued to cover their short positions by buying back the pound.
Canadian economic data were few: Gross domestic product expanded by a healthy 0.6% in January, RBC's manufacturing sector purchasing managers' index showed a pick-up in activity and Canada logged a small trade deficit for February. There weren't too many UK ecostats either. Fourth quarter economic growth was confirmed at 0.7%. The manufacturing PMI disappointed by falling slightly while the services sector reading jumped ahead, driven by banks and other financial institutions.